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|Objective, System and Historical Background, Constitutional Provisions and Ethics||5-10|
|Income Tax Laws||60-75|
|Sales Tax Laws||20-30|
The course outline gives an overview of Syllabus of CAF Tax Practices. The detailed Syllabus of CAF Tax Practices for Spring 2022 attempt is given below.
Objective, System and Historical Background, Constitutional Provisions and Ethics:
Basic Concepts of taxation and Constitutional Provisions:
- Discuss the implication of direct and indirect taxation.
Federal and Provincial Financial Procedures:
- Describe Federal Consolidated Fund and Public Account.
- Describe Provincial Consolidated Fund and Public Account.
- Explain the provisions related to the distribution of revenues between the Federation and Provinces.
- Discuss taxes that can be raised under the authority of Parliament.
- Describe the powers of provincial assemblies in respect of provincial taxes.
- Discuss the objectives and rights of the state to tax its citizens.
- Discuss morality behind compliance with tax laws by taxpayers and tax practitioners.
- Describe the powers vs ethical responsibilities of tax implementation authorities
- Discuss pillars of tax administration, namely; fairness, transparency, equity and accountability.
- Explain the basic difference between evasion and avoidance of tax.
Income Tax Laws:
- Describe the central concepts and scope of income
Chargeability and Computation of Income and Tax:
- Compute income, taxable income and tax thereon under various heads of income for non-corporates i.e. salary, income from property, income from business, capital gains and income from other sources.
- Apply the provisions relating to carry forward, deductible allowances, set-off of losses, tax credit and tax exemptions/concessions.
Procedural Aspects: Returns, Assessments, Appeals and Records:
- Explain tax compliance requirements and related submissions
- Identify persons required to furnish a return of income and wealth statement.
- Explain the provisions of law relating to the method of filing, revision, due dates for filing and extension in the date for filing of return/statement.
- Prepare return of income and wealth statement along with its reconciliation.
- Communicate with Inland Revenue Authorities (filing applications, representations and extensions).
- Explain the provisions of law relating to various types of assessment.
- Discuss the provisions of law relating to maintenance of records and audit of income tax affairs of a person.
- Describe procedure involved in appeals before various appellate authorities i.e. Commissioner (Appeals), Appellate Tribunal, High Court and Supreme Court.
- State provisions of law relating to alternative dispute resolution.
Sales Tax Laws:
Scope and Payment of Tax:
- Calculate sales tax (output and input) on taxable supplies (including zero-rated and exempt supplies).
- Discuss the time and manner of sales tax liability and its payment.
- Calculate apportionment of input tax and carry forward/refund thereof.
- Describe the types, requirements and procedures involved for registration, de-registration and returns.
Book Keeping and Invoicing Requirements
- List the records to be kept by a registered person and explain the related retention requirements and procedures involved in the audit.
- State the significance of tax invoice, debit and credit notes and their related requirements.
- Explain the procedure for the destruction of goods.
Syllabus of CAF2 Tax Practices:
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